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Listed real estate developer DRA Homes has recently taken over Marina Mall Residences, which is located in Chennai costing Rs.25.10 crore with funding facilitated by fintech platform YuBi.
Marina Mall Residential Project being funded by the Fintech company YuBi is located in the city off Old Mahabalipuram Road, popularly called InformationTechnology Corridor.
It is a peaceful place to live, with a lifestyle including an integrated mall, hotel and sea-facing residences among other amenities. OMR Developers Private Limited owns Marina Mall project, which spans on 6.58 acres and is a mixed-use development.
This project will see the 5.12 sq. ft. mall, 1.5 lakh sq. ft. hotel, and a 1.53 lakh sq. ft. sea-facing residential tower constructed.
The Director of DRA Homes Ranjeeth Rathod told, “The acquisition has been done for Rs.25.10 crore in which YuBi contributed Rs.16.50 crore. We are expecting a revenue of Rs.153 crore from this acquisition.”
The project approves the subscription of NCDs by the retail high net worth individuals through the platform called YuBi financial technology.
Ranjeeth Rathod also highlighted the company will secure the necessary approvals for the residential development within six months and completion of the project by 2027.
He further quoted, “We are over the moon to lead the residential development at Marina Mall. This project not only signifies our commitment to excellence and innovation in real estate but also serves as a catalyst for transforming the residential landscape of Chennai.”
He also added that, by enabling high-net-worth individuals to invest through YuBi, they were opening doors to a new wave of opportunities, fostering community growth, and enhancing the lifestyle of residents in the thriving city.
DRA Homes is currently operating in major two cities of India namely, Bengaluru and Chennai and boasting a presence of over 10 million square feet, primarily in the mid and upper mid residential segments.
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